Apollo Global Management, LLC Reports Second Quarter 2019...

Apollo Global Management, LLC Reports Second Quarter 2019 Results

New York, July 31, 2019 — Apollo Global Management, LLC (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today reported results for the secondquarter ended June 30, 2019.

“During the second quarter of 2019, funds managed by Apollo delivered strong investment performance across our integrated global platform,” said Leon Black, Chairmanand Chief Executive Officer. “Apollo generated fee related earnings of $0.58 per share for the second quarter and $2.19 per share for the last twelve months, an increaseof 35% year-over-year, which reflects the growing earnings power of our business. In addition, Apollo’s total assets under management have grown by 16% over the prioryear, bringing total assets under management to $312 billion as of June 30, 2019, and we have strong visibility into future growth led by Athora’s pending acquisition ofVIVAT N.V.’s life insurance and asset management businesses.”

Apollo issued a full detailed presentation of its second quarter ended June 30, 2019 results, which can be viewed through the Shareholders section of Apollo’s website athttp://www.apollo.com/shareholders.

Distributions

Apollo has declared a cash distribution of $0.50 per Class A share for the second quarter ended June 30, 2019. This distribution will be paid on August 30, 2019 to holdersof record at the close of business on August 16, 2019. Apollo intends to distribute to its shareholders on a quarterly basis substantially all of its distributable earnings aftertaxes and related payables in excess of amounts determined by its manager to be necessary or appropriate to provide for the conduct of its business.

Apollo has declared a cash distribution of $0.398438 per Series A Preferred share and Series B Preferred share, which will be paid on September 16, 2019 to holders ofrecord at the close of business on August 30, 2019.

The declaration and payment of distributions on Class A shares, Series A Preferred shares and Series B Preferred shares are at the sole discretion of Apollo’s manager.Apollo cannot assure its shareholders that they will receive any distributions in the future.

Conference Call

Apollo will host a conference call on Wednesday, July 31, 2019 at 10:00 a.m. Eastern Time. During the call, members of Apollo’s senior management team will reviewApollo’s financial results for the second quarter ended June 30, 2019. The conference call may be accessed by dialing (888) 868-4188 (U.S. domestic) or +1 (615) 800-6914(international), and providing conference call ID 1798159 when prompted by the operator. The number should be dialed at least ten minutes prior to the start of the call.A simultaneous webcast of the conference call will be available to the public on a listen-only basis and can be accessed through the Shareholders section of Apollo’s websiteat http://www.apollo.com/shareholders.

Following the call, a replay of the event may be accessed either telephonically or via audio webcast. A telephonic replay of the live broadcast will be available approximatelytwo hours after the live broadcast by dialing (800) 585-8367 (U.S. callers) or +1 (404) 537-3406 (non-U.S. callers), passcode 1798159. To access the audio webcast, pleasevisit Events in the Shareholders section of Apollo’s website at http://www.apollo.com/shareholders.

http://www.apollo.com/shareholders



About Apollo

Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg,Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo. Apollo had assets under management of approximately $312 billion as of June 30, 2019 in credit, privateequity and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo,please visit www.apollo.com.

Forward-Looking Statements

In this press release, references to “Apollo,” “we,” “us,” “our” and the “Company” refer collectively to Apollo Global Management, LLC, together with its consolidatedsubsidiaries. This press release may contain forward looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo’s expectations regarding theperformance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements arebased on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words “believe,”“anticipate,” “estimate,” “expect,” “intend” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectationsreflected in these forward looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subjectto certain risks, uncertainties and assumptions, including risks relating to our dependence on certain key personnel, our ability to raise new private equity, credit or real assetsfunds, market conditions, generally, our ability to manage our growth, fund performance, changes in our regulatory environment and tax status, the variability of ourrevenues, net income and cash flow, our use of leverage to finance our businesses and investments by our funds and litigation risks, among others. We believe these factorsinclude but are not limited to those described under the section entitled “Risk Factors” in Apollo’s annual report on Form 10-K filed with the Securities and ExchangeCommission (the “SEC”) on March 1, 2019, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’swebsite at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included inthis press release and in other filings. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information,future developments or otherwise, except as required by applicable law. This press release does not constitute an offer of any Apollo fund.

Investor and Media Relations Contacts

Gary M. SteinHead of Corporate CommunicationsApollo Global Management, [email protected]

Charles ZehrenRubenstein Associates, Inc. forApollo Global Management, [email protected]

2

Ann DaiInvestor Relations ManagerApollo Global Management, [email protected]

http://www.apollo.com

A P O L L O G L O B A L M A N A G E M E N T

Apollo Global Management, LLCSecond Quarter 2019 Earnings

Exhibit 99.2

July 31, 2019

GAAPResults

FinancialMeasures

& Distribution

Assets UnderManagement

BusinessDrivers

($ in millions, except per share data) 2Q'19 Per Share YTD'19 Per Share• Distributable Earnings (“DE”) $230.8 $0.56 $438.1 $1.06• Fee Related Earnings (“FRE”) $238.5 $0.58 $448.3 $1.09

Apollo 2Q'19 Financial Results Highlights

• Total Assets Under Management (“AUM”) of $311.9 billion• Fee-Generating AUM (“FGAUM”) of $236.1 billion• Performance Fee-Eligible AUM (“PFEAUM”) of $128.7 billion • Dry Powder of $44.4 billion available for investment

• Inflows: $12.2 billion of capital inflows ($64.6 billion LTM)• Deployment: $5.2 billion invested ($15.1 billion LTM)• Realizations: $2.2 billion of capital returned to investors ($8.0 billion LTM)

Note: This presentation contains non-GAAP financial information and defined terms which are described on pages 31 to 34. The non-GAAP financial information contained herein is reconciled to GAAP financial information on pages27 to 30. “LTM” as used throughout this presentation refers to the twelve months ended June 30, 2019, unless the context otherwise provides.

1

• Net Performance Fee Receivable of $637 million ($1.55 per share) as of 2Q'19

• Declared 2Q'19 distribution of $0.50 per Class A share and equivalent (payout ratio of 89%), bringing LTMdistributions to $1.98 per Class A share (payout ratio of 90%)

• Net Income of $342.2 million

• Net Income Attributable to Apollo GlobalManagement, LLC Class A Shareholders of $155.7million ($0.75/share)

($ in millions, except per share data) 2Q'19 Per Share YTD'19 Per Share• Net Income $342.2 N/A $657.7 N/A• Net Income Attributable to Apollo Global Management, LLC

Class A Shareholders $155.7 $0.75 $295.6 $1.41

($ in thousands, except share data) 2Q'18 1Q'19 2Q'19 YTD'18 YTD'19Revenues:

Management fees $341,626 $380,026 $388,215 $628,352 $768,241Advisory and transaction fees, net 15,440 19,569 31,124 28,991 50,693Investment income:

Performance allocations 129,085 251,497 176,862 4,920 428,359Principal investment income 22,175 26,025 39,602 9,181 65,627

Total investment income 151,260 277,522 216,464 14,101 493,986Incentive fees 14,990 660 776 18,775 1,436

Total Revenues 523,316 677,777 636,579 690,219 1,314,356Expenses:

Compensation and benefits:Salary, bonus and benefits 115,075 119,163 123,669 230,901 242,832Equity-based compensation 37,784 45,077 44,662 73,309 89,739Profit sharing expense 70,545 123,447 68,278 58,268 191,725

Total compensation and benefits 223,404 287,687 236,609 362,478 524,296Interest expense 15,162 19,108 23,302 28,959 42,410General, administrative and other 62,517 71,662 81,839 124,194 153,501Placement fees 311 (440) 775 638 335

Total Expenses 301,394 378,017 342,525 516,269 720,542Other Income (Loss):

Net gains (losses) from investment activities (67,505) 18,829 45,060 (134,638) 63,889Net gains from investment activities of consolidated variable interest entities 9,213 9,466 4,631 15,745 14,097Interest income 4,547 7,076 8,710 8,106 15,786Other income (loss), net (5,443) 90 6,603 (1,197) 6,693

Total Other Income (Loss) (59,188) 35,461 65,004 (111,984) 100,465Income before income tax provision 162,734 335,221 359,058 61,966 694,279Income tax provision (18,924) (19,654) (16,897) (27,504) (36,551)

Net Income 143,810 315,567 342,161 34,462 657,728Net income attributable to Non-Controlling Interests (80,200) (166,510) (177,338) (29,114) (343,848)

Net Income Attributable to Apollo Global Management, LLC 63,610 149,057 164,823 5,348 313,880Net income attributable to Series A Preferred Shareholders (4,383) (4,383) (4,383) (8,766) (8,766)Net income attributable to Series B Preferred Shareholders (4,569) (4,781) (4,781) (4,569) (9,562)

Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders $54,658 $139,893 $155,659 ($7,987) $295,552Net Income (Loss) Per Class A Share:

Net Income (Loss) Available to Class A Share – Basic $0.25 $0.67 $0.75 ($0.09) $1.41Net Income (Loss) Available to Class A Share – Diluted $0.25 $0.67 $0.75 ($0.09) $1.41Weighted Average Number of Class A Shares Outstanding – Basic 200,711,475 200,832,323 199,578,950 199,578,334 200,202,174Weighted Average Number of Class A Shares Outstanding – Diluted 200,711,475 200,832,323 199,578,950 199,578,334 200,202,174

Net Income was $342.2 million for the quarter ended June 30, 2019; Net Income Attributable to Apollo Global Management,LLC Class A shareholders was $155.7 million for the quarter ended June 30, 2019

GAAP Consolidated Statements of Operations (Unaudited)

2

($ in thousands, except per share data) 2Q'18 1Q'19 2Q'19 YTD'18 YTD'19Management fees $325,864 $358,623 $366,311 $598,067 $724,934Advisory and transaction fees, net 15,580 19,060 31,062 28,574 50,122Performance fees1 5,766 661 9,261 11,041 9,922

Total Fee Related Revenues 347,210 378,344 406,634 637,682 784,978Salary, bonus and benefits (104,501) (105,725) (110,269) (211,032) (215,994)General, administrative and other (55,676) (63,033) (63,156) (110,051) (126,189)Placement fees (311) 440 (775) (638) (335)

Total Fee Related Expenses (160,488) (168,318) (174,200) (321,721) (342,518)Other income (loss), net of Non-Controlling Interest (1,051) (270) 6,087 2,609 5,817Fee Related Earnings $185,671 $209,756 $238,521 $318,570 $448,277Per share2 $0.45 $0.51 $0.58 $0.77 $1.09Realized performance fees3 114,474 63,789 33,335 236,776 97,124Realized profit sharing expense3 (69,810) (41,139) (13,306) (133,457) (54,445)

Net Realized Performance Fees 44,664 22,650 20,029 103,319 42,679Realized principal investment income 19,373 11,436 11,281 42,766 22,717Net interest loss and other (11,179) (12,692) (15,014) (21,962) (27,706)Segment Distributable Earnings $238,529 $231,150 $254,817 $442,693 $485,967Taxes and related payables (13,838) (14,636) (14,878) (25,036) (29,514)Preferred distributions (8,952) (9,164) (9,164) (13,335) (18,328)Distributable Earnings $215,739 $207,350 $230,775 $404,322 $438,125Per share2 $0.52 $0.50 $0.56 $0.98 $1.06Net distribution per share2 $0.43 $0.46 $0.50 $0.81 $0.96Payout ratio 83% 92% 89% 83% 91%

Total Segments

1. Represents certain performance fees from business development companies and Redding Ridge Holdings.2. Per share calculations are based on end of period Distributable Earnings Shares Outstanding, which consist of total Class A shares outstanding, Apollo Operating Group Units and RSUs that participate in distributions. See page 23

for details regarding the shareholder distribution and page 28 for the share reconciliation.3. YTD’18 excludes realized performance fees and realized profit sharing expense settled in the form of shares of Athene Holding.

3

Quarterly Trailing FRE 2Q’19 FRE Bridge

$209.8$8

$12$9

($5) ($1)

$6 $238.5

2Q'18 3Q'18 4Q'18 1Q'19

$185.7$197.1

$255.6

53% 54%

60%

55%

Fee Related Earnings Rollforward

“NM” as used throughout this presentation indicates data has not been presented as it was deemed not meaningful, unless the context otherwise provides.1. FRE margin is calculated as Fee Related Earnings divided by fee-related revenues (which includes management fees, transaction and advisory fees, as well as other income attributable to FRE).2. Per share components may not sum due to rounding.

($ in millions)

FRE of $0.58 per share up 29% year-over-year fueled by growth of our management fees; quarter-over-quarter FRE growthprimarily driven by higher advisory and transaction fees and performance fees

2Q'19

PerShare2 $0.45 $0.48 $0.62 $0.51 $0.02 $0.03 $0.02 $(0.01) NM $0.02 $0.58

MgmtFees

Advisory &Transaction

FeesComp Non-Comp

FRE Margin1

58%

Other

•

4

PerformanceFees

Despite light performance fee realizations, DE per share increased 8% year-over-year, fueled by strong FRE growth

Distributable Earnings per Share1

2Q'18 3Q'18 4Q'18 1Q'19 2Q'19

$0.43$0.46

$0.56

$0.46

$0.50

2Q'18 3Q'18 4Q'18 1Q'19 2Q'19

$0.52$0.54

$0.60

$0.50

$0.56

Distributable Earnings and Distribution

5

1. Per share calculations are based on end of period Distributable Earnings Shares Outstanding, which consist of total Class A shares outstanding, Apollo Operating Group Units and RSUs that participate in distributions.

Distribution per Share1

Total AUM

Total AUM increased to $311.9 billion, driven by $12.2 billion of inflows during the quarter, primarily from growthin Athene as well as corporate credit and structured credit; inflows over the twelve months ended June 30, 2019totaled $64.6 billion

As of the end of the quarter, $19.6 billion of AUM is dry powder with future management fee potential

Fee-Generating AUM

2Q'18 1Q'19 2Q'19 2Q'14 2Q'19

$132.6$156.9 $163.1

$79.5

$163.1

$47.8

$46.4 $47.1

$36.2

$47.1$21.8

$202.2$25.0

$228.3$25.9

$236.1

$14.6$130.3

$25.9

$236.1

Credit

Assets Under Management

Private Equity

2Q'18 1Q'19 2Q'19 2Q'14 2Q'19

$163.2$193.7 $201.2

$90.7

$201.2

$78.9

$77.3 $77.2

$57.5

$77.2$27.4

$269.5$32.0

$303.0$33.5

$311.9

$19.3$167.5

$33.5

$311.9

CAGR13%

Real Assets Credit Private Equity Real Assets

CAGR13%

6

Total AUM increased 3% quarter-over-quarter and 16% year-over-year to $311.9billion driven by $12.2 billion of inflows,offset by $3.2 billion of outflows

Fee-Generating AUM increased 3%quarter-over-quarter to $236.1 billion,driven by $11.8 billion of inflows, offsetby $4.2 billion of outflows($ in billions) ($ in billions)

Performance Fee-Generating AUMPerformance Fee-Eligible AUM

2Q'18 1Q'19 2Q'19 2Q'14 2Q'19

$27.3$35.0 $35.6

$22.2

$35.6

$26.5

$23.2 $23.8

$26.9

$23.8

$2.2$56.0 $2.6

$60.8$2.8

$62.2

$4.1$53.2

$2.8$62.2

Total Performance Fee-Generating AUM increased to $62.2 billion and grew 11% year-over-year, driven by strongperformance in our credit segment

Performance Fee Assets Under Management

2Q'18 1Q'19 2Q'19 2Q'14 2Q'19

$46.5$57.0 $56.6

$28.9

$56.6

$65.2

$62.8 $62.4

$49.5

$62.4

$8.6$120.3 $9.4

$129.2

$9.7

$128.7

$8.0$86.4

$9.7

$128.7

Credit Private Equity Real Assets Credit Private Equity Real Assets

7

($ in billions) ($ in billions)

Total Performance Fee EligibleAUM increased to $128.7 billion, up11% quarter-over-quarter after abroad recovery in credit marketsfrom the previous quarter, andstrong performance in our Creditsegment

LTM Total AUM Rollforward1

($ in millions) Credit PrivateEquity Real Assets Total

2Q'18 $163,222 $78,867 $27,363 $269,452Inflows 51,135 5,828 7,630 64,593Outflows2 (12,928) (241) (399) (13,568)

Net Flows 38,207 5,587 7,231 51,025Realizations (1,365) (5,186) (1,478) (8,029)Market Activity 1,152 (2,120) 382 (586)

2Q'19 $201,216 $77,148 $33,498 $311,862YoY Change 23% (2%) 22% 16%

1. Inflows at the individual segment level represent subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-segment transfers. Outflows represent redemptions and other decreasesin available capital. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income.

2. Included in the 2Q'19 outflows for Total AUM and FGAUM are $1.6 billion and $1.5 billion of redemptions, respectively. Included in the LTM outflows for both Total AUM and FGAUM are $3.7 billion of redemptions.

Total AUM & Fee-Generating AUM

Total AUM Rollforward1


1Q'19 $193,669 $77,325 $32,000 $302,994Inflows 9,664 751 1,790 12,205Outflows2 (2,917) (101) (173) (3,191)

Net Flows 6,747 650 1,617 9,014Realizations (486) (1,381) (333) (2,200)Market Activity 1,286 554 214 2,054

2Q'19 $201,216 $77,148 $33,498 $311,862QoQ Change 4% —% 5% 3%

Fee-Generating AUM Rollforward1

($ in millions)Credit Private

Equity Real Assets Total

1Q'19 $156,860 $46,372 $25,033 $228,265Inflows 9,184 1,190 1,467 11,841Outflows2 (3,548) (206) (473) (4,227)

Net Flows 5,636 984 994 7,614Realizations (177) (317) (164) (658)Market Activity 770 43 102 915

2Q'19 $163,089 $47,082 $25,965 $236,136QoQ Change 4% 2% 4% 3%

LTM Fee-Generating AUM Rollforward1


2Q'18 $132,602 $47,835 $21,798 $202,235Inflows 42,547 2,353 6,372 51,272Outflows2 (12,569) (2,088) (1,275) (15,932)

Net Flows 29,978 265 5,097 35,340Realizations (624) (1,061) (1,108) (2,793)Market Activity 1,133 43 178 1,354

2Q'19 $163,089 $47,082 $25,965 $236,136YoY Change 23% (2%) 19% 17%

1. Inflows at the individual segment level represent subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-segment transfers. Outflows represent redemptions and other decreasesin available capital. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income.

2. Included in the 2Q'19 outflows for Total AUM and FGAUM are $1.6 billion and $1.5 billion of redemptions, respectively. Included in the LTM outflows for Total AUM and FGAUM are $3.7 billion and $3.7 billion of redemptions,respectively.

8

Capital Deployment1

$4.1

$8.5

$2.5$1.8

$2.5

$0.8

Dry Powder Composition

$5.8

$22.0

$2.9

$9.2

$4.4

Performance Fee-Eligible AUM

1. Reflects capital deployment activity from commitment based funds and accounts that have a defined maturity date. 2. Represents invested AUM not currently generating performance fees for funds that have been investing capital formore than 24 months as of June 30, 2019. 3. Represents the percentage of additional appreciation required to reach the preferred return or high watermark and generate performance fees for funds with an investment period greaterthan 24 months. Funds with an investment period less than 24 months are “N/A” 4. All investors in a given fund are considered in aggregate when calculating the appreciation required to achieve performance fees presented above.Appreciation required to achieve performance fees may vary by individual investor.

Strategy / FundInvested AUM Not

Currently GeneratingPerformance Fees

InvestmentPeriod Active>24 Months2

Appreciation Required to AchievePerformance Fees3,4

Corporate Credit $5.5 $5.5 3%

Structured Credit 1.2 0.9 12%

Direct Origination 0.2 — N/A

Advisory and Other 6.5 — N/A

Credit 13.4 6.4 4%

ANRP I 0.4 0.4 67%

Hybrid Capital 2.3 2.0 81%

Other PE 3.6 0.1 118%

Private Equity 6.3 2.5 81%

Real Assets 2.6 0.4 > 250bps

Total $22.3 $9.3

($ in billions)

RealAssets

Private Equity$34.1

Credit

$44billion

$44.1

$62.2

$22.3

UninvestedPerformance

Fee-Eligible AUM

CurrentlyGenerating

PerformanceFees

Not CurrentlyGenerating

PerformanceFees

($ in billions)

$5 billion $15 billion

2Q'19 LTM

$129 billionOther PE

Fund VIII

Fund IX

($ in billions)

RealAssets

PrivateEquity

Credit RealAssets

PrivateEquity

Credit

Capital Deployment, Dry Powder & Performance Fee-Eligible AUM

9

$2.7

$5.7

$1.1

$9 billion

YTD'19 Real

Assets

PrivateEquity

Credit

Fee Related Revenue from Permanent Capital

2Q’18 3Q’18 4Q’18 1Q’19 2Q’19

$142

$154$162

$167$175

Permanent Capital AUM

2012 2014 2016 2018 2Q'19Period Ending

$25

$72$87

$136$154

45% 47% 49% 49%

Permanent Capital Vehicles, Athene, and Athora

1. Amounts are as of March 31, 2019. Refer to www.apolloic.com for the most recent financial information on AINV. The information contained on AINV’s website is not part of this presentation. Includes $1.9 billion of AUM relatedto a non-traded business development company. 2. On June 10, 2019, Athene and Apollo agreed to revise the existing fee arrangements between Athene and Apollo and entered into the Seventh Amended and Restated Fee Agreement(the “fee agreement”). The fee agreement has retroactive effect to the month beginning January 1, 2019 and the Company began recording fees under the fee agreement on January 1, 2019. The fee agreement amends the pre-existingagreement and provides for sub-allocation fees which vary based on portfolio allocation differentiation.

($ in billions)

Athene and Athora AUM($ in billions) 2Q'19Athene2 $119.0

Core Assets 31.1Core Plus Assets 30.1Yield Assets 44.5High Alpha 4.2Cash, Treasuries, Equities and Alternatives 9.1

Athora $13.7Non-Sub-Advised 10.1Sub-Advised 3.6

Total Athene and Athora AUM $132.7

Supplemental Information

($ in billions) 1Q'19 2Q'19

Athene $114.2 $119.0

Athora 13.9 13.7

MidCap 8.7 9.1

ARI 5.4 5.6

AINV/Other1 5.3 5.3

AFT/AIF 0.8 0.8

Total AUM in Permanent Capital Vehicles $148.3 $153.5

10

($ in millions)

Permanent Capital AUM % of Total AUM

22%

Athene and Athora AUM($ in billions) 1Q'19 2Q'19Athene2 $114.2 $119.0

Core Assets 31.9 31.1Core Plus Assets 29.6 30.1Yield Assets 40.8 44.5High Alpha 4.8 4.2Cash, Treasuries, Equities and Alternatives 7.1 9.1

Athora $13.9 $13.7Non-Sub-Advised 10.7 10.1Sub-Advised 3.2 3.6

Total Athene and Athora AUM $128.1 $132.7

Supplemental Information

($ in billions) 2Q'19

Athene $119.0

Athora 13.7

MidCap 9.1

ARI 5.6

AINV/Other1 5.3

AFT/AIF 0.8

Total AUM in Permanent Capital Vehicles $153.5

Net Performance Fee Receivable1

The net performance fee receivablebalance increased quarter-over-quarter primarily driven by unrealizedmark-to-market gains

Net Performance Fee Receivable Rollforward

+$0.32

($0.07)

$1.55

Note: All per share figures calculated using Distributable Earnings Shares Outstanding. 1. Net performance fee receivable is presented on an unconsolidated basis. Net performance fee receivable represents the sum of performance allocations and incentive fees receivable, less profit sharing payable as reported on the

consolidated statements of financial condition, and includes certain eliminations related to investments in consolidated funds and VIEs and other adjustments.2. Ending per share amounts in the rollforwards may not sum as the starting and ending points are based on the applicable period’s share count. 3. Net performance fees/Other includes (i) unrealized performance fees, net of unrealized profit sharing expense and (ii) certain transaction-related charges, and excludes general partner obligations to return previously distributed

performance fees.

1Q’18 2Q'18 3Q'18 4Q'18 1Q'19

$1.83 $1.83 $1.81

$1.15$1.29

2Q'19

(Per Share2)

Net RealizedPerformance

Fees

NetPerformanceFees/Other3

11

($ inmillions) $756 $756 $750 $475 $533 $133 ($29) $637

Segment Highlights

Commentary• Total AUM increased 4% quarter-over-quarter to $201 billion, driven by growth in Athene as well as corporate credit and

structured credit

• Fee-generating inflows of $43 billion during the twelve months ended June 30, 2019; excluding Generali Belgium, LincolnFinancial and other acquisitions, organic inflows were $22 billion related to growth in Athene as well as corporate credit andstructured credit

• FRE increased 40% year-over-year, driven by growth in management fees from permanent capital vehicles and fundraising

• In June 2019, Athora announced its intention to acquire VIVAT N.V.’s life insurance business, which is expected to close in 1Q2020 subject to customary closing conditions including regulatory approvals. VIVAT is expected to provide Athora with aplatform for future growth due to its scale in the Dutch market, strong brands and deep distribution and underwriting capabilities

• Capital deployment2 from commitment-based funds of $1.8 billion for the quarter driven by investments in reinsurancetransactions, structured credit, longevity assets, and opportunistic investments in the utilities, IT, energy, and consumerdiscretionary sectors

Financial Results Summary

$105.5$49.7

$18.2

$27.8

1. Represents gross return as defined in the non-GAAP financial information and definitions section of this presentation. The 2Q'19 net returns for Corporate Credit, Structured Credit and Direct Origination were 2.1%, 3.3% and 2.6%,respectively. The YTD'19 net returns for Corporate Credit, Structured Credit and Direct Origination were 5.8%, 6.9% and 4.8%, respectively. 2. Reflects capital deployment activity from commitment-based funds and strategic investmentaccounts (“SIAs”) that have a defined maturity date. 3. Represents certain performance fees from business development companies and Redding Ridge Holdings. 4. CLOs are included within Corporate Credit. The 2Q'19 and YTD'19gross returns for CLOs were 1.5% and 4.5%, respectively. CLO returns are calculated based on gross return on assets and exclude performance related to Redding Ridge.

Corporate Credit4

2.3% / 6.4% Structured Credit

4.0% / 8.4% Direct Origination

3.3% / 6.3% 2Q'19 / YTD'19

Credit Gross Return1

$6.2bn / $6.2bn 2Q'19 / YTD'19

Fee-Generating inflows(excludes acquisitions)

$201.2bn

Total AUM up 4% QoQ

13

$201bnAUM

DirectOrigination

StructuredCredit

CorporateCredit

$130bn fromPermanent Capital Vehicles

Advisory andOther

($ in billions)

% Change % Change($ in thousands) 2Q'18 2Q'19 vs. 2Q’18 YTD'18 YTD'19 vs. YTD’18Management fees $153,177 $190,275 24% $302,892 $373,017 23%Advisory and transaction fees, net 2,100 5,510 162% 4,295 8,358 95%Performance fees3 5,766 9,261 61% 11,041 9,922 (10%)

Total Fee Related Revenues 161,043 205,046 27% 318,228 391,297 23%Salary, bonus and benefits (42,729) (50,465) 18% (89,550) (94,769) 6%Non-compensation expenses (28,122) (31,804) 13% (54,766) (58,995) 8%

Total Fee Related Expenses (70,851) (82,269) 16% (144,316) (153,764) 7%Other income (loss), net of NCI (1,188) 1,968 NM 1,995 1,564 (22%)Fee Related Earnings $89,004 $124,745 40% $175,907 $239,097 36%Realized performance fees 14,635 18,030 23% 17,749 21,357 20%Realized profit sharing expense (11,493) (7,877) (31)% (14,327) (11,395) (20)%Realized principal investment income 5,931 7,909 33% 10,211 10,958 7%Net interest loss and other (3,952) (4,656) 18% (7,470) (9,042) 21%Segment Distributable Earnings $94,125 $138,151 47% $182,070 $250,975 38%

(2.0%) / 2.2%2Q'19 / LTM


$1.8bn / $4.1bn 2Q'19 / LTM Deployment2

$180.2 billion

Total AUM up 23% YoY

Credit

$9.2bn1Q'19 Fee-Generating inflows

$42.5bn

LTM Fee-Generating inflows

$1.8bn / $4.1bn 2Q'19 / LTM Deployment2

• AUM increased 4% quarter-over-quarter and 23% year-over-year to $201 billion and includes approximately$130 billion from Permanent Capital Vehicles

• Generated inflows of $10 billion during the quarter, driven by Athora’s acquisition of Generali Belgium, whichadded approximately $6.5 billion of assets to Apollo’s Credit business AUM, organic growth from Atheneand the addition of Aspen Insurance Holdings Limited to our European advisory platform

• Capital deployment2 of $1.8 billion for the quarter driven by fund investments in structured credit, longevityassets, and opportunistic investments in the consumer discretionary, utilities, communication services, andindustrials sectors

• Credit 2Q'19 gross returns1 of 2.3% for Corporate Credit, 4.0% for Structured Credit and 3.3% for DirectOrigination, respectively, resulting from positive returns across fund categories

Corporate Credit4

2.3% / 6.0% Structured Credit

4.0% / 5.4% Direct Origination

3.3% / 13.2% 2Q'19 / LTM


$7.8bn / $22.4bn 2Q'19 / LTM

Fee-Generating inflows(excludes acquisitions)

1. Represents gross return as defined in the non-GAAP financial information and definitions section of this presentation. The 2Q'19 net returns for corporate credit, structured credit and direct origination were 2.1%, 3.3% and 2.6%,respectively. The LTM net returns for corporate credit, structured credit and direct origination were 5.1%, 3.4% and 9.5%, respectively. 2. Reflects capital deployment activity from commitment-based funds and strategic investment accounts(“SIAs”) that have a defined maturity date. 3. Represents certain performance fees from business development companies and Redding Ridge Holdings. 4. CLOs are included within corporate credit. The 2Q'19 and LTM gross returns forCLOs were 1.5% and 4.5%, respectively. CLO returns are calculated based on gross return on assets and exclude performance related to Redding Ridge.

Commentary• Total AUM remained at $77 billion at quarter end, as inflows and market activity were offset by realizations during

the quarter

• Generated inflows of $0.8 billion during the quarter, primarily driven by co-investment capital of $0.5 billion andnet segment transfers

• Realization activity primarily driven by the final sales of Momentive Performance Materials and Warrior Met Coaland sales of shares of Vistra Energy and Watches of Switzerland

• Deployed $2.5 billion and committed to invest an additional $1.4 billion during the quarter; total committed butnot yet deployed capital2 at quarter end was $3.2 billion (excluding co-investments) of which $1.5 billion relatedto energy asset build-ups expected to be deployed over time

• Private equity fund appreciation during the quarter of 2.5%1, primarily driven by private portfolio company holdingsin Fund VIII


1. Represents private equity fund appreciation (depreciation) as defined in the non-GAAP financial information and definitions section of this presentation. 2. Represents capital committed to investments as of June 30, 2019 by Apollo’sprivate equity funds. These investments have not yet closed and may be subject to a variety of closing conditions or other contractual provisions, which could result in such capital not ultimately being invested.

2.5% / 7.2% 2Q'19 / YTD'19

Private Equity FundAppreciation (Depreciation)1

$2.5bn / $5.7bn 2Q'19 / YTD'19

Deployment

$77.1bn

Total AUM

14

$61.8

$9.2

$6.2

$77bnAUM

NaturalResources

HybridCapital


($ in billions)

PrivateEquity

% Change % Change($ in thousands) 2Q'18 2Q'19 vs. 2Q’18 YTD'18 YTD'19 vs. YTD’18Management fees $132,417 $129,638 (2)% $214,697 $260,134 21%Advisory and transaction fees, net 13,319 20,257 52% 23,974 36,393 52%

Total Fee Related Revenues 145,736 149,895 3% 238,671 296,527 24%Salary, bonus and benefits (41,879) (40,267) (4%) (82,604) (83,500) 1%Non-compensation expenses (18,365) (23,580) 28% (36,399) (49,307) 35%

Total Fee Related Expenses (60,244) (63,847) 6% (119,003) (132,807) 12%Other income, net 82 3,963 NM 391 4,159 NMFee Related Earnings $85,574 $90,011 5% $120,059 $167,879 40%Realized performance fees 54,640 12,231 (78)% 167,412 72,687 (57)%Realized profit sharing expense (31,512) (4,089) (87)% (89,260) (41,816) (53)%Realized principal investment income 9,079 1,877 (79)% 27,409 9,965 (64)%Net interest loss and other (5,259) (7,650) 45% (10,615) (13,783) 30%Segment Distributable Earnings $112,522 $92,380 (18)% $215,005 $194,932 (9)%

Private Equity

2.5% / (2.2%) 2Q'19 / LTM

Private Equity FundAppreciation (Depreciation)1

$2.5bn / $8.5bn 2Q'19 / LTMDeployment

$90.0mm

Total FRE up 5% YoY

19%

81%

Fund VIIIVintage Year: 2013Fund Size: $18.4bnCommitted to Date: $17.2bnTotal Invested: $15.8bnRealized Value: $5.9bnTotal Value: $22.9bn% Committed4: 93%Gross / Net IRR: 17% / 12%

Consumer Services 31%Media/Telecom/Technology 17%Manufacturing & Industrial 13%Financial Services 11%Natural Resources 11%Leisure 8%Business Services 5%Consumer & Retail 3%Chemicals and Materials 1%

Fund VIIVintage Year: 2008Fund Size: $14.7bnTotal Invested: $16.5bnRealized Value: $31.1bnUnrealized Value: $2.2bnTotal Value: $33.2bnEscrow Ratio2: 73%Gross / Net IRR: 33% / 25%

ANRP IIVintage Year: 2016Fund Size: $3.5bnCommitted to Date: $3.4bnTotal Invested: $2.1bnRealized Value: $0.8bnTotal Value: $3.0bn% Committed4: 98%Gross / Net IRR: 29% / 16%

Unrealized Value by Sector

ANRP IIPortfolio

$17.0 billion Unrealized ValueInvestment Mix

79%

10%5%

3%3%

$0.8

$2.1

$1.4

Supplemental Private Equity Fund Information1

Note: Refer to the definitions of Vintage Year, Total Invested Capital (Total Invested), Realized Value, Unrealized Value, Gross IRR and Net IRR on pages 33-34 of this presentation. 1. Additional fund performance information is setforth in the investment records on pages 24-25 of this presentation. 2. For Escrow Ratio definition and related information, please refer to footnote 2 on page 21. 3. Investments selected based on non-performance criteria. 4.Represents the sum of capital actually invested, committed to invest or used for fees and expenses, divided by aggregate committed capital. 5. Excludes shares of Athene Holding. The table above includes the public portfoliocompanies of the funds in the private equity segment with a fair value greater than $250 million, excluding the value associated with any portion of such private equity funds' portfolio company investments held by co-investmentvehicles.

Select Private Investments3

Endemol Shine Group

Select Private Investments3

(in order of size as measured by fair value)

Double Eagle Energy IIIPegasus

Northwoods Energy

$2.2 billion Unrealized Value Investment Mix

35%20%

14%

14% 14%3%

PublicInvestments

65%

PE Portfolio Composition

Shares Held (mm)ADT Security Services (NYSE: ADT)Fund VIII 279.1OneMain (NYSE: OMF)Fund VIII 26.5Presidio (NASDAQ: PSDO)Fund VIII 35.1Talos Energy (NYSE: TALO)Fund VII and ANRP I 19.2Vistra Energy (NYSE: VST)Fund VII and ANRP II 12.8Watches of Switzerland (LSE: WOSG)Fund VII 127.4

PublicInvestments5

PublicInvestments:

21%

PrivateInvestments:

79%

15

PrivateInvestments

PrivateInvestments

35%

PublicDebt /Other

TALO VST

XELAADT

OMFPSDO Public Debt / Other

Dry Powder

UnrealizedValue

RealizedValue

WOSG

Commentary


• AUM increased 5% quarter-over-quarter to $33 billion driven by strong inflows and market appreciation

• Fee generating inflows of $1.5 billion during the quarter were driven by real estate debt managedaccounts

• Increase in year-over-year FRE driven by transaction fees from European Principal Finance III and AGREDebt Fund I as well as higher management fees earned from ARI, real estate debt managed accounts,and infrastructure funds

• Real assets gross return1 of 4.8% over the twelve months ended June 30, 2019 driven by appreciationin Asia RE Fund I, Infrastructure Equity Fund and the U.S. Real Estate Funds

1. Represents gross return for U.S. Real Estate Fund I and U.S. Real Estate Fund II including co-investment capital, Asia Real Estate Fund including co-investment capital, the European Principal Finance funds and infrastructure equityfunds.

0.3% / 4.4% 2Q'19 / YTD'19

Combined Gross Return1

$1.5bn / $2.9bn 2Q'19 / YTD'19

Fee-Generating inflows

$33.5bn

Total AUM up 5% QoQ

16

$24.4

$7.0

$2.1

$33bnAUM

Infrastructure

Real Estate


PrincipalFinance

($ in billions)

% Change % Change($ in thousands) 2Q'18 2Q'19 vs. 2Q’18 YTD'18 YTD'19 vs. YTD’18Management fees $40,270 $46,398 15% $80,478 $91,783 14%Advisory and transaction fees, net 161 5,295 NM 305 5,371 NM

Total Fee Related Revenues 40,431 51,693 28% 80,783 97,154 20%Salary, bonus and benefits (19,893) (19,537) (2%) (38,878) (37,725) (3%)Non-compensation expenses (9,500) (8,547) (10%) (19,524) (18,222) (7%)

Total Fee Related Expenses (29,393) (28,084) (4%) (58,402) (55,947) (4%)Other income, net of NCI 55 156 184% 223 94 (58%)Fee Related Earnings $11,093 $23,765 114% $22,604 $41,301 83%Realized performance fees 45,199 3,074 (93)% 51,615 3,080 (94)%Realized profit sharing expense (26,805) (1,340) (95)% (29,870) (1,234) (96)%Realized principal investment income 4,363 1,495 (66)% 5,146 1,794 (65)%Net interest loss and other (1,968) (2,708) 38% (3,877) (4,881) 26%Segment Distributable Earnings $31,882 $24,286 (24)% $45,618 $40,060 (12)%

0.3% / 4.8% 2Q'19 / LTM Combined

Gross Return1

Real Assets

1. Represents gross return for U.S. Real Estate Fund I and U.S. Real Estate Fund II including co-investment capital, Asia Real Estate Fund including co-investment capital, the European Principal Finance funds, and InfrastructureEquity. The 2Q'19 and LTM real assets net returns for were 3.5% and 3.7%, respectively.

$1.5bn / $6.4bn 2Q'19 / LTM

Fee-Generating inflows

Balance Sheet Highlights

($ in thousands, except share data) As of June 30, 2019

As of December 31, 2018

Assets:Cash and cash equivalents $945,725 $609,747Restricted cash 17,651 3,457U.S. Treasury securities, at fair value 713,061 392,932Investments (includes performance allocations of $1,229,894 and $912,182 as of June 30, 2019 and December 31, 2018, respectively) 3,219,950 2,722,612Assets of consolidated variable interest entities 1,309,703 1,290,891Incentive fees receivable — 6,792Due from related parties 449,167 378,108Deferred tax assets 277,037 306,094Other assets 228,321 192,169Lease assets 98,777 —Goodwill 88,852 88,852

Total Assets $7,348,244 $5,991,654Liabilities and Shareholders’ EquityLiabilities:

Accounts payable and accrued expenses $89,776 $70,878Accrued compensation and benefits 112,792 73,583Deferred revenue 92,274 111,097Due to related parties 401,631 425,435Profit sharing payable 595,954 452,141Debt 2,350,915 1,360,448Liabilities of consolidated variable interest entities 946,069 934,438Other liabilities 112,679 111,794Lease liabilities 105,164 —

Total Liabilities 4,807,254 3,539,814Shareholders’ Equity:

Apollo Global Management, LLC shareholders’ equity:Series A Preferred shares, 11,000,000 shares issued and outstanding as of June 30, 2019 and December 31, 2018 264,398 264,398Series B Preferred shares, 12,000,000 shares issued and outstanding as of June 30, 2019 and December 31, 2018 289,815 289,815Class A shares, no par value, unlimited shares authorized, 200,435,587 and 201,400,500 shares issued and outstanding as of June 30, 2019 andDecember 31, 2018, respectively — —

Class B shares, no par value, unlimited shares authorized, 1 share issued and outstanding as of June 30, 2019 and December 31, 2018 — —Additional paid in capital 1,052,259 1,299,418Accumulated deficit (222,007) (473,276)Accumulated other comprehensive loss (5,192) (4,159)

Total Apollo Global Management, LLC shareholders’ equity 1,379,273 1,376,196Non-Controlling Interests in consolidated entities 280,662 271,522Non-Controlling Interests in Apollo Operating Group 881,055 804,122Total Shareholders’ Equity 2,540,990 2,451,840

Total Liabilities and Shareholders’ Equity $7,348,244 $5,991,654

GAAP Consolidated Statements of Financial Condition (Unaudited)

18

Summary Balance Sheet1

($ in millions) 2Q'19

Cash and cash equivalents $946

U.S. Treasury securities, at fair value 713

Performance fees receivable 1,233

Profit sharing payable2 (596)

GP & Other Investments3,4 2,071

Total Net Value $4,367

Debt ($2,351)

Unfunded Future Commitments $1,087

During the quarter, 1.0 million Class A shares were repurchased for $29.1 million in open market transactions as part ofthe publicly announced share repurchase program7

On June 10, 2019, Apollo issued $325 million in aggregate principal amount of its 4.77% Series A Senior SecuredGuaranteed Notes due 2039

On June 11, 2019, Apollo issued an additional $125 million in aggregate principal amount of its 4.872% Senior Notesdue 2029

Supplemental Details

Segment Balance Sheet Highlights

1. Amounts are presented on an unconsolidated basis. 2. Profit sharing payable excludes profit sharing expected to be settled in the form of equity-based awards. 3. Represents Apollo’s general partner investments in the funds it manages(excluding AAA) and other balance sheet investments. 4. Investment in Athene/AAA primarily comprises Apollo’s direct investment of 19.1 million shares of Athene Holding valued at $43.06 per share as of June 30, 2019 and 1.6 millionshares of AAA valued at NAV. 5. Since 1Q’16, the Company in its discretion has elected to repurchase 1.8 million Class A shares for $55.2 million, to prevent dilution that would have resulted from the issuance of shares granted in connectionwith certain profit sharing arrangements. These repurchases are separate from the January 2019 repurchase plan described in footnote 7 below and accordingly are not reflected in the above share repurchase activity table. 6. Represents areduction in Class A shares to be issued to participants to satisfy associated tax obligations in connection with the settlement of equity-based awards granted under the Company’s 2007 Omnibus Equity Incentive Plan (the “Plan”), whichthe Company refers to as “net share settlement.” 7. In January 2019, the Company increased its authorized share repurchase amount by $250 million bringing the total share repurchase plan authorization to $500 million, which may be usedto repurchase outstanding Class A shares as well as to reduce Class A shares to be issued to employees to satisfy associated tax obligations in connection with the settlement of equity-based awards granted under the Company’s 2007 OmnibusEquity Incentive Plan (and any successor equity plan thereto). 8. Average price paid per share reflects total capital used for share repurchases to date divided by the number of shares purchased.

A/ARated by S&P and Fitch

$750 million

Undrawn Revolving CreditFacility (Expiring in 2023)

$1.7 billion

Cash and cash equivalents andU.S. Treasury securities

19

Share Repurchase Activity - 1Q’16 through 2Q’195

($ and share amounts in millions) Inception toDate

Open Market Share Repurchases 6.1

Reduction of Shares Issued to Participants6 6.8

Total Shares Purchased 12.9

Total Capital Used for Share Purchases $334

Share Repurchase Plan Authorization7 $500

Average Price Paid Per Share8 $25.89

Supplemental Details

1. As of June 30, 2019, certain credit funds, certain private equity funds and certain real asset funds had $0.3 million, $147.1 million and $0.5 million, respectively, in general partner obligations to return previously distributed performance fees. The fair value gain oninvestments and income at the fund level needed to reverse the general partner obligations for certain credit funds, certain private equity funds and certain real asset funds was $1.6 million, $1,182.1 million and $2.0 million respectively, as of June 30, 2019.

2. As of June 30, 2019, the remaining investments and escrow cash of Fund VIII were valued at 125% of the fund’s unreturned capital, which was above the required escrow ratio of 115%. As of June 30, 2019, the remaining investments and escrow cash of Fund VII, FundVI, ANRP I and ANRP II were valued at 73%, 37%, 62% and 112% of the fund’s unreturned capital, respectively, which were below the required escrow ratio of 115%. As a result, these funds are required to place in escrow current and future performance fee distributionsto the general partner until the specified return ratio of 115% is met (at the time of a future distribution) or upon liquidation. As of June 30, 2019, Fund VII had $128.5 million of gross performance fees, or $73.1 million net of profit sharing, in escrow. As of June 30,2019, Fund VI had $167.6 million of gross performance fees, or $112.4 million net of profit sharing, in escrow. As of June 30, 2019, ANRP I had $40.2 million of gross performance fees, or $25.2 million net of profit sharing, in escrow. As of June 30, 2019, ANRP IIhad $18.4 million of gross performance fees, or $12.5 million net of profit sharing, in escrow. With respect to Fund VII, Fund VI, ANRP II and ANRP I, realized performance fees currently distributed to the general partner are limited to potential tax distributions andinterest on escrow balances per the funds’ partnership agreements. Performance fees receivable as of June 30, 2019 and realized performance fees for 2Q'19 include interest earned on escrow balances that is not subject to contingent repayment.

3. Other includes certain SIAs. 4. There was a corresponding profit sharing payable of $596.0 million as of June 30, 2019, including profit sharing payable related to amounts in escrow and contingent consideration obligations of $93.2 million.

Segment Performance FeesAs of June 30, 2019 2Q'19 YTD'19

($ in thousands)

Performance FeesReceivable on an

Unconsolidated Basis

UnrealizedPerformance

Fees

RealizedPerformance

Fees

TotalPerformance

Fees

UnrealizedPerformance

Fees

RealizedPerformance

Fees

TotalPerformance

Fees

CreditCorporate Credit1 $57,797 $20,823 $4,139 $24,962 $51,079 $7,466 $58,545Structured Credit 175,512 13,974 16,882 30,856 36,516 16,536 53,052Direct Origination 96,093 6,578 6,270 12,848 13,459 7,277 20,736

Total Credit $329,402 $41,375 $27,291 $68,666 $101,054 $31,279 $132,333 Total Credit, net of profit sharing expense 96,189 23,476 19,414 42,890 56,479 19,884 76,363

Private EquityFund VIII2 $622,949 $113,408 $10,054 $123,462 $181,754 $67,533 $249,287Fund VII1,2 224 (43,653) 743 (42,910) (23,237) 1,477 (21,760)Fund VI2 14,695 7,408 965 8,373 27,473 1,919 29,392Fund IV and V1 — (655) — (655) (1,253) — (1,253)ANRP I and II1,2 53,876 12,885 330 13,215 19,703 655 20,358Other1,3 70,497 4,124 139 4,263 17,626 1,103 18,729

Total Private Equity $762,241 $93,517 $12,231 $105,748 $222,066 $72,687 $294,753 Total Private Equity, net of profit sharing expense 461,157 68,159 8,142 76,301 145,351 30,871 176,222

Real AssetsPrincipal Finance $106,963 ($9,101) $1,742 ($7,359) ($15,217) $1,760 ($13,457)U.S. RE Fund I and II 13,383 (1,679) 1,446 (233) (3,291) 1,645 (1,646)Infrastructure Equity Fund 5,077 2,393 — 2,393 5,077 — 5,077Other3 15,717 3,174 (114) 3,060 4,373 (325) 4,048

Total Real Assets $141,140 ($5,213) $3,074 ($2,139) ($9,058) $3,080 ($5,978) Total Real Assets, net of profit sharing expense 79,483 (2,755) 1,734 (1,021) (4,329) 1,846 (2,483)

Total $1,232,783 $129,679 $42,596 $172,275 $314,062 $107,046 $421,108 Total, net of profit sharing expense4 $636,829 $88,880 $29,290 $118,170 $197,501 $52,601 $250,102

21

Credit ($ in thousands) 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 YTD'18 YTD'19Management fees $153,177 $167,178 $172,261 $182,742 $190,275 $302,892 $373,017Advisory and transaction fees, net 2,100 2,189 2,388 2,848 5,510 4,295 8,358Performance fees1 5,766 7,064 10,285 661 9,261 11,041 9,922

Total Fee Related Revenues 161,043 176,431 184,934 186,251 205,046 318,228 391,297Salary, bonus and benefits (42,729) (44,642) (46,256) (44,304) (50,465) (89,550) (94,769)General, administrative and other (27,843) (31,392) (33,847) (27,496) (31,647) (54,211) (59,143)Placement fees (279) (295) (280) 305 (157) (555) 148

Total Fee Related Expenses (70,851) (76,329) (80,383) (71,495) (82,269) (144,316) (153,764)Other income (loss), net of Non-Controlling Interest (1,188) 265 (1,156) (404) 1,968 1,995 1,564Credit Fee Related Earnings $89,004 $100,367 $103,395 $114,352 $124,745 $175,907 $239,097Realized performance fees 14,635 11,281 16,109 3,327 18,030 17,749 21,357Realized profit sharing expense (11,493) (8,986) (12,766) (3,518) (7,877) (14,327) (11,395)

Net Realized Performance Fees 3,142 2,295 3,343 (191) 10,153 3,422 9,962Realized principal investment income 5,931 6,676 2,312 3,049 7,909 10,211 10,958Net interest loss and other (3,952) (3,612) (2,537) (4,386) (4,656) (7,470) (9,042)Credit Segment Distributable Earnings $94,125 $105,726 $106,513 $112,824 $138,151 $182,070 $250,975

Segment Results

22

1. Represents certain performance fees from business development companies and Redding Ridge Holdings.

Private Equity ($ in thousands) 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 YTD'18 YTD'19Management fees $132,417 $131,578 $130,910 $130,496 $129,638 $214,697 $260,134Advisory and transaction fees, net 13,319 6,018 59,610 16,136 20,257 23,974 36,393

Total Fee Related Revenues 145,736 137,596 190,520 146,632 149,895 238,671 296,527Salary, bonus and benefits (41,879) (38,700) (39,208) (43,233) (40,267) (82,604) (83,500)General, administrative and other (18,333) (22,694) (20,440) (25,862) (22,962) (36,316) (48,824)Placement fees (32) (51) (451) 135 (618) (83) (483)

Total Fee Related Expenses (60,244) (61,445) (60,099) (68,960) (63,847) (119,003) (132,807)Other income, net 82 1,448 84 196 3,963 391 4,159Private Equity Fee Related Earnings $85,574 $77,599 $130,505 $77,868 $90,011 $120,059 $167,879Realized performance fees 54,640 77,740 33,926 60,456 12,231 167,412 72,687Realized profit sharing expense (31,512) (42,842) (24,077) (37,727) (4,089) (89,260) (41,816)

Net Realized Performance Fees 23,128 34,898 9,849 22,729 8,142 78,152 30,871Realized principal investment income 9,079 10,579 5,162 8,088 1,877 27,409 9,965Net interest loss and other (5,259) (5,004) (4,462) (6,133) (7,650) (10,615) (13,783)Private Equity Segment Distributable Earnings $112,522 $118,072 $141,054 $102,552 $92,380 $215,005 $194,932

Real Assets ($ in thousands) 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 YTD'18 YTD'19Management fees $40,270 $41,149 $41,545 $45,385 $46,398 $80,478 $91,783Advisory and transaction fees, net 161 4,765 8,023 76 5,295 305 5,371

Total Fee Related Revenues 40,431 45,914 49,568 45,461 51,693 80,783 97,154Salary, bonus and benefits (19,893) (18,191) (16,933) (18,188) (19,537) (38,878) (37,725)General, administrative and other (9,500) (9,911) (10,956) (9,675) (8,547) (19,524) (18,222)Placement fees — (400) (7) — — — —

Total Fee Related Expenses (29,393) (28,502) (27,896) (27,863) (28,084) (58,402) (55,947)Other income (loss), net of Non-Controlling Interest 55 1,680 39 (62) 156 223 94Real Assets Fee Related Earnings $11,093 $19,092 $21,711 $17,536 $23,765 $22,604 $41,301Realized performance fees 45,199 4,010 346 6 3,074 51,615 3,080Realized profit sharing expense (26,805) (2,352) (1,149) 106 (1,340) (29,870) (1,234)

Net Realized Performance Fees 18,394 1,658 (803) 112 1,734 21,745 1,846Realized principal investment income 4,363 532 1,684 299 1,495 5,146 1,794Net interest loss and other (1,968) (2,835) (1,618) (2,173) (2,708) (3,877) (4,881)Real Assets Segment Distributable Earnings $31,882 $18,447 $20,974 $15,774 $24,286 $45,618 $40,060

($ in thousands, except per share data) 2Q'18 1Q'19 2Q'19 YTD'18 YTD'19

Segment Distributable Earnings $238,529 $231,150 $254,817 $442,693 $485,967

Taxes and Related Payables (13,838) (14,636) (14,878) (25,036) (29,514)

Preferred Distributions (8,952) (9,164) (9,164) (13,335) (18,328)

Distributable Earnings $215,739 $207,350 $230,775 $404,322 $438,125

Add Back: Taxes & Related Payables Attributable to Common & Equivalents 11,808 12,475 12,777 20,975 25,252

DE Before Certain Payables1 227,547 219,825 243,552 425,297 463,377

Percent to Common & Equivalents 51% 51% 51% 51% 51%

DE Before Other Payables Attributable to Common & Equivalents 116,049 112,111 124,212 216,901 236,322

Less: Taxes & Related Payables Attributable to Common & Equivalents (11,808) (12,475) (12,777) (20,975) (25,252)

DE Attributable to Common & Equivalents2 $104,241 $99,636 $111,435 $195,926 $211,070

Per Share3 $0.52 $0.50 $0.56 $0.98 $1.06

Retained Capital per Share3 (0.09) (0.04) (0.06) (0.17) (0.10)

Net Distribution per Share3 $0.43 $0.46 $0.50 $0.81 $0.96

Payout Ratio 83% 92% 89% 83% 91%

Generated $0.56 of Distributable Earnings per Share during the quarter

Apollo declared a quarterly distribution of $0.50 per Class A share to holders of record as of August 16, 2019,which is payable on August 30, 2019

Shareholder Distribution

1. DE Before Certain Payables represents Segment Distributable Earnings before the deduction for estimated current corporate taxes and the amounts payable under Apollo’s tax receivable agreement.2. “Common & Equivalents” consists of total Class A shares outstanding and RSUs that participate in distributions.3. Per share calculations are based on end of period Distributable Earnings Shares Outstanding, which consist of total Class A shares outstanding, Apollo Operating Group Units and RSUs that participate in distributions. See page 28

for the share reconciliation.

23

Investment Records as of June 30, 2019

($ in millions) Vintage Year Total AUM CommittedCapital

Total InvestedCapital

RealizedValue

RemainingCost

UnrealizedValue

TotalValue Gross IRR Net IRR

Private Equity:Fund IX 2018 $24,522 $24,729 $2,081 $— $2,081 $2,182 $2,182 NM1 NM1

Fund VIII 2013 20,499 18,377 15,760 5,859 12,827 17,025 22,884 17% 12%

Fund VII 2008 4,162 14,677 16,461 31,087 2,912 2,162 33,249 33 25

Fund VI 2006 640 10,136 12,457 21,102 405 28 21,130 12 9

Fund V 2001 261 3,742 5,192 12,715 120 6 12,721 61 44

Funds I, II, III, IV & MIA2 Various 13 7,320 8,753 17,400 — — 17,400 39 26Traditional Private Equity Funds3 $50,097 $78,981 $60,704 $88,163 $18,345 $21,403 $109,566 39% 25%

ANRP II 2016 3,450 3,454 2,128 849 1,754 2,113 2,962 29 16

ANRP I 2012 637 1,323 1,144 968 655 411 1,379 6 2

AION 2013 779 826 668 288 471 638 926 19 9

Hybrid Value Fund 2019 3,230 3,238 530 7 530 534 541 NM1 NM1

Total Private Equity $58,193 $87,822 $65,174 $90,275 $21,755 $25,099 $115,374

Credit:Structured Credit Funds

FCI III 2017 $2,628 $1,906 $2,265 $781 $1,888 $2,031 $2,812 NM1 NM1

FCI II 2013 2,248 1,555 2,643 1,572 1,718 1,640 3,212 9% 5%

FCI I 2012 403 559 1,516 1,968 — — 1,968 11 9

SCRF IV6 2017 2,928 2,502 2,795 1,087 1,955 2,021 3,108 NM1 NM1

SCRF III 2015 — 1,238 2,110 2,428 — — 2,428 18 14

SCRF II 2012 — 104 467 528 — — 528 15 12

SCRF I 2008 — 118 240 357 — — 357 33 26Total Credit $8,207 $7,982 $12,036 $8,721 $5,561 $5,692 $14,413

Real Assets:European Principal Finance Funds

EPF III4 2017 $4,575 $4,531 $2,040 $22 $2,018 $2,171 $2,193 NM1 NM1

EPF II4 2012 1,822 3,454 3,486 4,070 870 978 5,048 16% 9%

EPF I4 2007 240 1,473 1,936 3,251 — 10 3,261 23 17

U.S. RE Fund II5 2016 1,206 1,233 806 371 588 706 1,077 17 14

U.S. RE Fund I5 2012 348 650 633 693 232 256 949 14 11

Asia RE Fund5 2017 642 709 338 200 184 236 436 20 14

Infrastructure Equity Fund 2018 944 897 768 80 713 750 830 NM1 NM1

Total Real Assets $9,777 $12,947 $10,007 $8,687 $4,605 $5,107 $13,794

24

Note: The funds included in the investment record table above have greater than $500 million of AUM and/or form part of a flagship series of funds.

Investment Records as of June 30, 2019 - Continued

Note: The above table summarizes the investment record for our Permanent Capital Vehicles as defined in the non-GAAP financial information & definitions section of this presentation.

1. Data has not been presented as the fund commenced investing capital less than 24 months prior to the period indicated and such information was deemed not meaningful.2. The general partners and managers of Funds I, II and MIA, as well as the general partner of Fund III, were excluded assets in connection with the 2007 Reorganization. As a result, Apollo did not receive the

economics associated with these entities. The investment performance of these funds, combined with Fund IV, is presented to illustrate fund performance associated with Apollo’s Managing Partners and otherinvestment professionals.

3. Total IRR is calculated based on total cash flows for all funds presented.4. Funds are denominated in Euros and historical figures are translated into U.S. dollars at an exchange rate of €1.00 to $1.14 as of June 30, 2019.5. U.S. RE Fund I, U.S. RE Fund II and Asia RE Fund had $154 million, $761 million and $366 million of co-investment commitments as of June 30, 2019, respectively, which are included in the figures in the

table. A co-invest entity within U.S. RE Fund I is denominated in GBP and translated into U.S. dollars at an exchange rate of £1.00 to $1.27 as of June 30, 2019.6. Remaining cost for certain of our credit funds may include physical cash called, invested or reserved for certain levered investments.7. Total returns are based on the change in closing trading prices during the respective periods presented taking into account dividends and distributions, if any, as if they were reinvested without regard to

commission. 8. An initial public offering (“IPO”) year represents the year in which the vehicle commenced trading on a national securities exchange. 9. MidCap is not a publicly traded vehicle and therefore IPO year is not applicable. The returns presented are a gross return based on NAV. The net returns based on NAV were 3%, 6%, 3%, 6% and 14% for

2Q'19, YTD'19, 2Q'18, YTD'18 and FY'18, respectively. Gross and net return are defined in the non-GAAP financial information and definitions section of this presentation.10. All amounts are as of March 31, 2019 except for total returns. Refer to www.apolloic.com for the most recent financial information on AINV. The information contained on AINV’s website is not part of this

presentation. Included within Total AUM of AINV/Other is $1.9 billion of AUM related to a non-traded business development company from which Apollo earns investment-related service fees, but forwhich Apollo does not provide management or advisory services. Total returns exclude performance related to this AUM.

25

Permanent Capital VehiclesTotal Returns7

($ in millions) IPO Year8 Total AUM 2Q'19 YTD'19 2Q'18 YTD'18 FY’18

Credit:MidCap9 N/A $9,064 5% 8% 5% 9% 19%AIF 2013 376 3 12 1 3 (5)AFT 2011 404 3 8 (1) 4 (4)AINV/Other10 2004 5,304 7 35 10 4 (18)

Real Assets:ARI 2009 5,662 4% 16% 4% 4% —%

Total $20,810

Reconciliations and Disclosures

($ in thousands) 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 YTD'18 YTD'19

GAAP Net Income (Loss) Attributable to Apollo Global Management,LLC Class A Shareholders $54,658 $162,357 ($196,408) $139,893 $155,659 ($7,987) $295,552

Preferred distributions 8,952 9,164 9,163 9,164 9,164 13,335 18,328Net income attributable to Non-Controlling Interests in consolidatedentities 8,716 11,340 5,613 8,662 5,143 14,695 13,805

Net income (loss) attributable to Non-Controlling Interests in the ApolloOperating Group 71,484 179,831 (196,271) 157,848 172,195 14,419 330,043

GAAP Net Income (Loss) $143,810 $362,692 ($377,903) $315,567 $342,161 $34,462 $657,728Income tax provision 18,924 19,092 39,425 19,654 16,897 27,504 36,551

GAAP Income (Loss) Before Income Tax Provision $162,734 $381,784 ($338,478) $335,221 $359,058 $61,966 $694,279Transaction related charges1 (6,905) 1,253 (1,831) 5,463 18,135 (5,053) 23,598Charges associated with corporate conversion — — — — 10,006 — 10,006Gain from remeasurement of tax receivable agreement liability — — (35,405) — — — —Net loss attributable to Non-Controlling Interests in consolidated entities (8,716) (11,340) (5,613) (8,662) (5,143) (14,695) (13,805)Unrealized performance fees2 (20,619) (26,447) 579,413 (184,383) (129,679) 229,922 (314,062)Unrealized profit sharing expense2 9,125 8,903 (216,452) 75,762 40,799 (67,263) 116,561Equity-based profit sharing expense and other3 17,850 26,085 32,552 20,962 20,675 32,414 41,637Equity-based compensation 16,028 17,668 17,098 18,423 18,237 33,463 36,660Unrealized principal investment (income) loss (3,419) 49 29,470 (12,328) (31,893) 32,578 (44,221)Unrealized net (gains) losses from investment activities and other 72,451 (155,710) 207,787 (19,308) (45,378) 139,361 (64,686)

Segment Distributable Earnings $238,529 $242,245 $268,541 $231,150 $254,817 $442,693 $485,967Taxes and related payables (13,838) (9,734) (9,445) (14,636) (14,878) (25,036) (29,514)Preferred distributions (8,952) (9,164) (9,163) (9,164) (9,164) (13,335) (18,328)

Distributable Earnings $215,739 $223,347 $249,933 $207,350 $230,775 $404,322 $438,125Preferred distributions 8,952 9,164 9,163 9,164 9,164 13,335 18,328Taxes and related payables 13,838 9,734 9,445 14,636 14,878 25,036 29,514Realized performance fees (114,474) (93,031) (50,381) (63,789) (33,335) (236,776) (97,124)Realized profit sharing expense 69,810 54,180 37,992 41,139 13,306 133,457 54,445Realized principal investment income (19,373) (17,787) (9,158) (11,436) (11,281) (42,766) (22,717)Net interest loss and other 11,179 11,451 8,617 12,692 15,014 21,962 27,706

Fee Related Earnings $185,671 $197,058 $255,611 $209,756 $238,521 $318,570 $448,277

Reconciliation of GAAP to Financial Measures

1. Transaction-related charges include contingent consideration, equity-based compensation charges and the amortization of intangible assets and certain other charges associated with acquisitions.2. YTD’18 includes realized performance fees and realized profit sharing expense settled in the form of shares of Athene Holding.3. Equity-based profit sharing expense and other includes certain profit sharing arrangements in which a portion of performance fees distributed to the general partner are allocated by issuance of equity-based awards, rather than cash,

to employees of Apollo. Equity-based profit sharing expense and other also includes non-cash expenses related to equity awards in unconsolidated related parties granted to employees of Apollo.

27

Reconciliation of GAAP to Financial Measures - Continued

1. See page 27 for reconciliation of Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders, Income (Loss) Before Income Tax Provision, Distributable Earnings and Fee Related Earnings.

28

Share Reconciliation 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19

Total GAAP Class A Shares Outstanding 201,585,096 201,089,465 201,400,500 201,375,418 200,435,587Non-GAAP Adjustments:

Apollo Operating Group Units 202,559,221 202,549,221 202,345,561 202,245,561 202,245,561Vested RSUs 368,197 228,009 2,380,783 328,788 269,726

Unvested RSUs Eligible for Distribution Equivalents 8,986,376 9,647,801 7,382,478 8,591,175 8,832,203Distributable Earnings Shares Outstanding 413,498,890 413,514,496 413,509,322 412,540,942 411,783,077

Reconciliation of GAAP Net Income Per Class A Share to Financial Per Share Measures($ in thousands, except share data) 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 YTD'18 YTD'19Net Income (Loss) Attributable to Apollo Global Management, LLC Class AShareholders $54,658 $162,357 ($196,408) $139,893 $155,659 ($7,987) $295,552

Distributions declared on Class A shares (76,602) (86,468) (92,651) (113,345) (92,201) (209,625) (205,546)Distribution on participating securities (4,153) (4,150) (4,432) (4,959) (4,115) (9,537) (9,074)Earnings allocable to participating securities — (3,633) — (1,114) (2,848) — (4,030)Undistributed income (loss) attributable to Class A shareholders: Basic ($26,097) $68,106 ($293,491) $20,475 $56,495 ($227,149) $76,902GAAP weighted average number of Class A shares outstanding: Basic 200,711,475 200,347,996 200,269,856 200,832,323 199,578,950 199,578,334 200,202,174

GAAP Net Income (Loss) per Class A Share under the Two-Class Method: Basic $0.25 $0.77 ($1.00) $0.67 $0.75 ($0.09) $1.41Distributed Income $0.38 $0.43 $0.46 $0.56 $0.46 $1.04 $1.02Undistributed Income (Loss) ($0.13) $0.34 ($1.46) $0.11 $0.29 ($1.13) $0.39Net Income (Loss) Attributable to Apollo Global Management, LLC Class AShareholders $54,658 $162,357 ($196,408) $139,893 $155,659 ($7,987) $295,552

Net Income (Loss) Attributable to Apollo Global Management, LLC Class AShareholders to Income (Loss) Before Income Tax Provision Differences1 108,076 219,427 (142,070) 195,328 203,399 69,953 398,727

Income (Loss) Before Income Tax Provision $162,734 $381,784 ($338,478) $335,221 $359,058 $61,966 $694,279Income (Loss) Before Income Tax Provision to Segment Distributable EarningsDifferences1 75,795 (139,539) 607,019 (104,071) (104,241) 380,727 (208,312)

Segment Distributable Earnings $238,529 $242,245 $268,541 $231,150 $254,817 $442,693 $485,967Taxes and related payables (13,838) (9,734) (9,445) (14,636) (14,878) (25,036) (29,514)Preferred distributions (8,952) (9,164) (9,163) (9,164) (9,164) (13,335) (18,328)

Distributable Earnings $215,739 $223,347 $249,933 $207,350 $230,775 $404,322 $438,125Distributable Earnings Shares Outstanding 413,498,890 413,514,496 413,509,322 412,540,942 411,783,077 413,498,890 411,783,077Distributable Earnings per Share $0.52 $0.54 $0.60 $0.50 $0.56 $0.98 $1.06

Distributable Earnings to Fee Related Earnings Differences1 (30,068) (26,289) 5,678 2,406 7,746 (85,752) 10,152Fee Related Earnings $185,671 $197,058 $255,611 $209,756 $238,521 $318,570 $448,277Distributable Earnings Shares Outstanding 413,498,890 413,514,496 413,509,322 412,540,942 411,783,077 413,498,890 411,783,077Fee Related Earnings per Share $0.45 $0.48 $0.62 $0.51 $0.58 $0.77 $1.09


Total Consolidated Revenues (GAAP) $523,316 $517,731 ($114,885) $677,777 $636,579 $690,219 $1,314,356Equity awards granted by unconsolidated related parties,reimbursable expenses and other (20,200) (23,019) (19,760) (29,129) (23,847) (39,113) (52,976)Adjustments related to consolidated funds and VIEs 1,979 2,445 10,323 1,632 90 3,618 1,722Performance fees1 (135,093) (119,478) 529,032 (248,172) (163,014) (6,854) (411,186)Principal investment (income) loss (22,792) (17,738) 20,312 (23,764) (43,174) (10,188) (66,938)

Total Fee Related Revenues $347,210 $359,941 $425,022 $378,344 $406,634 $637,682 $784,978Realized performance fees2 114,474 93,031 50,381 63,789 33,335 236,776 97,124Realized principal investment income and other 18,530 16,945 8,316 10,594 10,438 41,081 21,032

Total Segment Revenues $480,214 $469,917 $483,719 $452,727 $450,407 $915,539 $903,134

Total Consolidated Expenses (GAAP) $301,394 $312,727 $73,943 $378,017 $342,525 $516,269 $720,542Equity awards granted by unconsolidated related parties,reimbursable expenses and other (19,836) (23,153) (21,000) (28,842) (23,865) (38,571) (52,707)Reclassification of interest expense (15,162) (15,209) (15,206) (19,108) (23,302) (28,959) (42,410)Transaction-related charges 6,905 (1,253) 1,831 (5,463) (18,135) 5,053 (23,598)Charges associated with corporate conversion — — — — (10,006) — (10,006)Equity-based compensation (16,028) (17,668) (17,098) (18,423) (18,237) (33,463) (36,660)Total profit sharing expense3 (96,785) (89,168) 145,908 (137,863) (74,780) (98,608) (212,643)

Total Fee Related Expenses $160,488 $166,276 $168,378 $168,318 $174,200 $321,721 $342,518Realized profit sharing expense2 69,810 54,180 37,992 41,139 13,306 133,457 54,445

Total Segment Expenses $230,298 $220,456 $206,370 $209,457 $187,506 $455,178 $396,963

Total Consolidated Other Income (Loss) (GAAP) ($59,188) $176,780 ($149,650) $35,461 $65,004 ($111,984) $100,465Adjustments related to consolidated funds and VIEs (8,967) (12,732) (15,934) (9,134) (4,367) (15,192) (13,501)Gain from remeasurement of tax receivable agreement liability — — (35,405) — — — —Net (gains) losses from investment activities 67,565 (155,262) 206,986 (18,825) (45,053) 134,702 (63,878)Interest income and other, net of Non-Controlling Interest (461) (5,393) (7,030) (7,772) (9,497) (4,917) (17,269)

Other Income (Loss), net of Non-Controlling Interest (1,051) 3,393 (1,033) (270) 6,087 2,609 5,817Net interest loss and other (10,336) (10,609) (7,775) (11,850) (14,171) (20,277) (26,021)

Total Segment Other Loss ($11,387) ($7,216) ($8,808) ($12,120) ($8,084) ($17,668) ($20,204)

Reconciliation of GAAP to Financial Measures

1. Excludes certain performance fees from business development companies and Redding Ridge Holdings.2. YTD’18 excludes realized performance fees and realized profit sharing expense settled in the form of shares of Athene Holding.3. Includes unrealized profit sharing expense, realized profit sharing expense, and equity-based profit sharing expense and other.

29


Management fees $325,864 $339,905 $344,716 $358,623 $366,311 598,067 724,934

Advisory and transaction fees, net 15,580 12,972 70,021 19,060 31,062 28,574 50,122

Performance fees1 5,766 7,064 10,285 661 9,261 11,041 9,922

Total Fee Related Revenues 347,210 359,941 425,022 378,344 406,634 637,682 784,978

Realized performance fees2 114,474 93,031 50,381 63,789 33,335 236,776 97,124

Realized principal investment income and other 18,530 16,945 8,316 10,594 10,438 41,081 21,032

Total Segment Revenues $480,214 $469,917 $483,719 $452,727 $450,407 $915,539 $903,134


Salary, bonus and benefits $104,501 $101,533 $102,397 $105,725 $110,269 211,032 215,994

General, administrative and other 55,676 63,997 65,243 63,033 63,156 110,051 126,189

Placement fees 311 746 738 (440) 775 638 335

Total Fee Related Expenses 160,488 166,276 168,378 168,318 174,200 321,721 342,518

Realized profit sharing expense2 69,810 54,180 37,992 41,139 13,306 133,457 54,445

Total Segment Expenses $230,298 $220,456 $206,370 $209,457 $187,506 $455,178 $396,963


Other income, net $313 $4,580 $209 $334 $6,731 5,188 7,065

Non-Controlling Interest (1,364) (1,187) (1,242) (604) (644) (2,579) (1,248)

Other Income (Loss), net of Non-Controlling Interest (1,051) 3,393 (1,033) (270) 6,087 2,609 5,817

Net interest loss and other (10,336) (10,609) (7,775) (11,850) (14,171) (20,277) (26,021)

Total Segment Other Loss ($11,387) ($7,216) ($8,808) ($12,120) ($8,084) ($17,668) ($20,204)

Total Segment Revenues, Expenses and Other Income (Loss)

30

1. Represents certain performance fees from business development companies and Redding Ridge Holdings.2. YTD'18 excludes realized performance fees and realized profit sharing expense settled in the form of shares of Athene Holding.

The following table sets forth Apollo’s total segment expenses for the combined segments

The following table sets forth Apollo’s total segment revenues for the combined segments

The following table sets forth Apollo’s total segment other income for the combined segments

Non-GAAP Financial Information & DefinitionsApollo discloses the following financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accountingprinciples in the United States of America (“Non-GAAP”):

• “Segment Distributable Earnings”, or “Segment DE”, is the key performance measure used by management in evaluating the performance of Apollo’s credit, private equityand real assets segments. Management uses Segment DE to make key operating decisions such as the following:

• Decisions related to the allocation of resources such as staffing decisions including hiring and locations for deployment of the new hires;• Decisions related to capital deployment such as providing capital to facilitate growth for the business and/or to facilitate expansion into new businesses;• Decisions related to expenses, such as determining annual discretionary bonuses and equity-based compensation awards to its employees. With respect to compensation,

management seeks to align the interests of certain professionals and selected other individuals with those of the investors in the funds and those of Apollo’s shareholdersby providing such individuals a profit sharing interest in the performance fees earned in relation to the funds. To achieve that objective, a certain amount of compensationis based on Apollo’s performance and growth for the year; and

• Decisions related to the amount of earnings available for distribution to Class A shareholders, holders of RSUs that participate in distributions and holders of AOG Units.

Segment DE is the sum of (i) total management fees and advisory and transaction fees, (ii) other income (loss), (iii) realized performance fees, excluding realizations receivedin the form of shares and (iv) realized investment income, less (x) compensation expense, excluding the expense related to equity-based awards, (y) realized profit sharingexpense, and (z) non-compensation expenses. Segment DE represents the amount of Apollo’s net realized earnings, excluding the effects of the consolidation of any of therelated funds, Taxes and Related Payables, transaction-related charges and any acquisitions. Transaction-related charges includes equity-based compensation charges, theamortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. In addition, Segment DE excludes non-cash revenue andexpense related to equity awards granted by unconsolidated related parties to employees of the Company, compensation and administrative related expense reimbursements,as well as the assets, liabilities and operating results of the funds and VIEs that are included in the consolidated financial statements.

• “Distributable Earnings” or “DE” represents Segment DE less estimated current corporate, local and non-U.S. taxes as well as the current payable under Apollo’s tax receivableagreement. DE is net of preferred distributions, if any, to Series A and Series B Preferred shareholders. DE excludes the impacts of the remeasurement of the tax receivableagreement resulting from changes in the associated deferred tax balance, including the impacts related to the Tax Cuts & Jobs Act enacted on December 22, 2017 andchanges in estimated future tax rates. Management believes that excluding the remeasurement of the tax receivable agreement and deferred taxes from Segment DE andDE, respectively, is meaningful as it increases comparability between periods. Remeasurement of the tax receivable agreement and deferred taxes are estimates and maychange due to changes in interpretations and assumptions of tax legislation.

• “Fee Related Earnings”, or “FRE”, is derived from our segment reported results and refers to a component of DE that is used as a supplemental performance measure toassess whether revenues that we believe are generally more stable and predictable in nature, primarily consisting of management fees, are sufficient to cover associatedoperating expenses and generate profits. FRE is the sum across all segments of (i) management fees, (ii) advisory and transaction fees, (iii) performance fees earned frombusiness development companies and Redding Ridge Holdings and (iv) other income, net, less (x) salary, bonus and benefits, excluding equity-based compensation (y) otherassociated operating expenses and (z) non-controlling interests in the management companies of certain funds the Company manages.

31

Non-GAAP Financial Information & Definitions Cont’d• “Assets Under Management”, or “AUM”, refers to the assets of the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment-

related services, including, without limitation, capital that such funds, partnerships and accounts have the right to call from investors pursuant to capital commitments. Our AUM equalsthe sum of:

i) the net asset value, or “NAV,” plus used or available leverage and/or capital commitments, or gross assets plus capital commitments, of the credit funds, partnerships and accountsfor which we provide investment management or advisory services, other than certain collateralized loan obligations (“CLOs”), collateralized debt obligations (“CDOs”), and certainpermanent capital vehicles, which have a fee-generating basis other than the mark-to-market value of the underlying assets;

ii) the fair value of the investments of the private equity and real assets funds, partnerships and accounts we manage or advise, plus the capital that such funds, partnerships and accountsare entitled to call from investors pursuant to capital commitments, plus portfolio level financings; for certain permanent capital vehicles in real assets, gross asset value plus availablefinancing capacity;

iii) the gross asset value associated with the reinsurance investments of the portfolio company assets we manage or advise; and

iv) the fair value of any other assets that we manage or advise for the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment-related services, plus unused credit facilities, including capital commitments to such funds, partnerships and accounts for investments that may require pre-qualification or otherconditions before investment plus any other capital commitments to such funds, partnerships and accounts available for investment that are not otherwise included in the clausesabove.

Our AUM measure includes Assets Under Management for which we charge either nominal or zero fees. Our AUM measure also includes assets for which we do not have investmentdiscretion, including certain assets for which we earn only investment-related service fees, rather than management or advisory fees. Our definition of AUM is not based on any definitionof Assets Under Management contained in our operating agreement or in any of our Apollo fund management agreements. We consider multiple factors for determining what shouldbe included in our definition of AUM. Such factors include but are not limited to (1) our ability to influence the investment decisions for existing and available assets; (2) our ability togenerate income from the underlying assets in our funds; and (3) the AUM measures that we use internally or believe are used by other investment managers. Given the differences inthe investment strategies and structures among other alternative investment managers, our calculation of AUM may differ from the calculations employed by other investment managersand, as a result, this measure may not be directly comparable to similar measures presented by other investment managers. Our calculation also differs from the manner in which ouraffiliates registered with the SEC report “Regulatory Assets Under Management” on Form ADV and Form PF in various ways.

We use AUM, Capital Deployed and Dry Powder as performance measurements of our investment activities, as well as to monitor fund size in relation to professional resource andinfrastructure needs.

• “AUM with Future Management Fee Potential” refers to the committed uninvested capital portion of total AUM not currently earning management fees. The amount depends onthe specific terms and conditions of each fund.

• “Fee-Generating AUM” consists of assets of the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment-related servicesand on which we earn management fees, monitoring fees or other investment-related fees pursuant to management or other fee agreements on a basis that varies among the Apollofunds, partnerships and accounts. Management fees are normally based on “net asset value,” “gross assets,” “adjusted par asset value,” “adjusted cost of all unrealized portfolioinvestments,” “capital commitments,” “adjusted assets,” “stockholders’ equity,” “invested capital” or “capital contributions,” each as defined in the applicable management agreement.Monitoring fees, also referred to as advisory fees, with respect to the structured portfolio company investments of the funds, partnerships and accounts we manage or advise, aregenerally based on the total value of such structured portfolio company investments, which normally includes leverage, less any portion of such total value that is already consideredin Fee-Generating AUM.

• “Performance Fee-Eligible AUM” refers to the AUM that may eventually produce performance fees. All funds for which we are entitled to receive a performance fee allocation orincentive fee are included in Performance Fee-Eligible AUM, which consists of the following:

• “Performance Fee-Generating AUM”, which refers to invested capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment-related services, that is currently above its hurdle rate or preferred return, and profit of such funds, partnerships and accounts is being allocated to, or earned by, the general partnerin accordance with the applicable limited partnership agreements or other governing agreements;

• “AUM Not Currently Generating Performance Fees”, which refers to invested capital of the funds, partnerships and accounts we manage, advise, or to which we provide certainother investment-related services that is currently below its hurdle rate or preferred return; and

• “Uninvested Performance Fee-Eligible AUM”, which refers to capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment-related services that is available for investment or reinvestment subject to the provisions of applicable limited partnership agreements or other governing agreements, which capitalis not currently part of the NAV or fair value of investments that may eventually produce performance fees allocable to, or earned by, the general partner.

32

Non-GAAP Financial Information & Definitions Cont’d• “Athene Holding” refers to Athene Holding Ltd. (together with its subsidiaries, “Athene”), a leading retirement services company that issues, reinsures and acquires retirement savings products

designed for the increasing number of individuals and institutions seeking to fund retirement needs, and to which Apollo, through its consolidated subsidiary Athene Asset Management LLC(“Athene Asset Management” or “AAM’), provides asset management and advisory services

• “Athora” refers to a strategic platform established to acquire or reinsure blocks of insurance business in the German and broader European life insurance market (collectively, the “Athora Accounts”).The Company, through its consolidated subsidiary, AAME, provides investment advisory services to Athora. Athora Non-Sub-Advised Assets includes the Athora assets which are managed byApollo but not sub-advised by Apollo nor invested in Apollo funds or investment vehicles. Athora Sub-Advised includes assets which the Company explicitly sub-advises as well as those assetsin the Athora Accounts which are invested directly in funds and investment vehicles Apollo manages.

• “Advisory” refers to certain assets advised by Apollo Asset Management Europe PC LLP, a wholly-owned subsidiary of Apollo Asset Management Europe LLP (collectively, “AAME”). The AAMEentities are subsidiaries of Apollo.

• “Capital deployed” or “Deployment” is the aggregate amount of capital that has been invested during a given period (which may, in certain cases, include leverage) by (i) our commitment basedfunds and (ii) SIAs that have a defined maturity date.

• “Distributable Earnings Shares Outstanding” or “DE Shares Outstanding” represents Non-GAAP Diluted Shares Outstanding and unvested RSUs that participate in distributions. Managementuses this measure in determining DE per share, FRE per share, as well as DE After Taxes and Related Payables per share described below.

• “Dry Powder” represents the amount of capital available for investment or reinvestment subject to the provisions of the applicable limited partnership agreements or other governing agreementsof the funds, partnerships and accounts we manage. Dry powder excludes uncalled commitments which can only be called for fund fees and expenses.

• “Gross IRR” of a credit fund and the principal finance funds within the real assets segment represents the annualized return of a fund based on the actual timing of all cumulative fund cash flowsbefore management fees, performance fees allocated to the general partner and certain other expenses. Calculations may include certain investors that do not pay fees. The terminal value is thenet asset value as of the reporting date. Non- U.S. dollar denominated (“USD”) fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition,gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent thereturn to any fund investor.

• “Gross IRR” of a private equity fund represents the cumulative investment-related cash flows (i) for a given investment for the fund or funds which made such investment, and (ii) for a given fund,in the relevant fund itself (and not any one investor in the fund), in each case, on the basis of the actual timing of investment inflows and outflows (for unrealized investments assuming dispositionon June 30, 2019 or other date specified) aggregated on a gross basis quarterly, and the return is annualized and compounded before management fees, performance fees and certain otherexpenses (including interest incurred by the fund itself) and measures the returns on the fund’s investments as a whole without regard to whether all of the returns would, if distributed, be payableto the fund’s investors. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows andoutflows. Gross IRR does not represent the return to any fund investor.

• “Gross IRR” of a real assets fund represents the cumulative investment-related cash flows in the fund itself (and not any one investor in the fund), on the basis of the actual timing of cash inflowsand outflows (for unrealized investments assuming disposition on June 30, 2019 or other date specified) starting on the date that each investment closes, and the return is annualized andcompounded before management fees, performance fees, and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund’s investments as a wholewithout regard to whether all of the returns would, if distributed, be payable to the fund’s investors. Non-USD fund cash flows and residual values are converted to USD using the spot rate as ofthe reporting date. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. GrossIRR does not represent the return to any fund investor.

• “Gross Return” of a credit or real assets fund is the monthly or quarterly time-weighted return that is equal to the percentage change in the value of a fund’s portfolio, adjusted for all contributionsand withdrawals (cash flows) before the effects of management fees, incentive fees allocated to the general partner, or other fees and expenses. Returns for credit funds are calculated for all fundsand accounts in the respective strategies excluding assets for Athene, Athora and certain other entities where we manage or may manage a significant portion of the total company assets. Returnsof CLOs represent the gross returns on assets. Returns over multiple periods are calculated by geometrically linking each period’s return over time.

• “Inflows” represents (i) at the individual segment level, subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-segment transfers, and(ii) on an aggregate basis, the sum of inflows across the credit, private equity and real assets segments.

• “Net IRR” of a credit fund and the principal finance funds within the real assets segment represents the annualized return of a fund after management fees, performance fees allocated to thegeneral partner and certain other expenses, calculated on investors that pay such fees. The terminal value is the net asset value as of the reporting date. Non-USD fund cash flows and residualvalues are converted to USD using the spot rate as of the reporting date. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors,timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor.

• “Net IRR” of a private equity fund means the gross IRR applicable to a fund, including returns for related parties which may not pay fees or performance fees, net of management fees, certainexpenses (including interest incurred or earned by the fund itself) and realized performance fees all offset to the extent of interest income, and measures returns at the fund level on amounts that,if distributed, would be paid to investors of the fund. The timing of cash flows applicable to investments, management fees and certain expenses, may be adjusted for the usage of a fund’ssubscription facility. To the extent that a fund exceeds all requirements detailed within the applicable fund agreement, the estimated unrealized value is adjusted such that a percentage of up to20.0% of the unrealized gain is allocated to the general partner of such fund, thereby reducing the balance attributable to fund investors. In addition, net IRR at the fund level will differ from thatat the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor.

33

Non-GAAP Financial Information & Definitions Cont’d• “Net IRR” of a real assets fund represents the cumulative cash flows in the fund (and not any one investor in the fund), on the basis of the actual timing of cash inflows received from and

outflows paid to investors of the fund (assuming the ending net asset value as of June 30, 2019 or other date specified is paid to investors), excluding certain non-fee and non-performancefee bearing parties, and the return is annualized and compounded after management fees, performance fees, and certain other expenses (including interest incurred by the fund itself)and measures the returns to investors of the fund as a whole. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition,net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not representthe return to any fund investor.

• “Net Return” of a credit or real assets fund represents the Gross Return after management fees, incentive fees allocated to the general partner, or other fees and expenses. Returns overmultiple periods are calculated by geometrically linking each period’s return over time.

• “Non-GAAP Diluted Shares Outstanding” is calculated using the GAAP outstanding Class A shares plus non-GAAP adjustments assuming (i) the exchange of all of the AOG Units forClass A shares and (ii) the settlement of the vested RSUs in the form of Class A shares during the period. Management uses this measure, taking into account the unvested RSUs thatparticipate in distributions, in determining our Class A shares eligible for cash distributions.

• “Non-GAAP Weighted Average Diluted Shares Outstanding” is calculated using the GAAP weighted average outstanding Class A shares plus non-GAAP adjustments assuming (i) theexchange of all of the AOG Units for Class A shares and (ii) the settlement of the weighted average vested RSUs in the form of Class A shares during the period. Management uses thismeasure in determining EI and ENI per share.

• “Permanent Capital Vehicles” refers to (a) assets that are owned by or related to Athene (“ATH”) or Athora Holding Ltd. (“Athora”), (b) assets that are owned by or related to MidCapFinCo Designated Activity Company (“MidCap”) and managed by Apollo, (c) assets of publicly traded vehicles managed by Apollo such as Apollo Investment Corporation (“AINV”), ApolloCommercial Real Estate Finance, Inc. (“ARI”), Apollo Tactical Income Fund Inc. (“AIF”), and Apollo Senior Floating Rate Fund Inc. (“AFT”), in each case that do not have redemption provisionsor a requirement to return capital to investors upon exiting the investments made with such capital, except as required by applicable law and (d) a non-traded business developmentcompany from which Apollo earns certain investment-related service fees. The investment management agreements of AINV, AIF and AFT have one year terms, are reviewed annually andremain in effect only if approved by the boards of directors of such companies or by the affirmative vote of the holders of a majority of the outstanding voting shares of such companies,including in either case, approval by a majority of the directors who are not “interested persons” as defined in the Investment Company Act of 1940. In addition, the investment managementagreements of AINV, AIF and AFT may be terminated in certain circumstances upon 60 days’ written notice. The investment management agreement of ARI has a one year term and isreviewed annually by ARI’s board of directors and may be terminated under certain circumstances by an affirmative vote of at least two-thirds of ARI’s independent directors. The investmentmanagement or advisory arrangements between MidCap and Apollo, Athene and Apollo and Athora and Apollo, may also be terminated under certain circumstances.

• “Private Equity fund appreciation (depreciation)” refers to gain (loss) and income for the traditional private equity funds (i.e., Funds I-IX), ANRP I, II & III, Apollo Special Situations Fund,L.P., AION Capital Partners Limited (“AION”) and Apollo Hybrid Value Fund, L.P. for the periods presented on a total return basis before giving effect to fees and expenses. The performancepercentage is determined by dividing (a) the change in the fair value of investments over the period presented, minus the change in invested capital over the period presented, plus therealized value for the period presented, by (b) the beginning unrealized value for the period presented plus the change in invested capital for the period presented. Returns over multipleperiods are calculated by geometrically linking each period’s return over time;

• “Realized Value” refers to all cash investment proceeds received by the relevant Apollo fund, including interest and dividends, but does not give effect to management fees, expenses,incentive compensation or performance fees to be paid by such Apollo fund.

• “Redding Ridge” refers to Redding Ridge Asset Management, LLC and its subsidiaries, which is a standalone, self-managed asset management business established in connection withrisk retention rules that manages CLOs and retains the required risk retention interests.

• “Remaining Cost” represents the initial investment of the fund in a portfolio investment, reduced for any return of capital distributed to date on such portfolio investment.

• “Total Invested Capital” refers to the aggregate cash invested by the relevant Apollo fund and includes capitalized costs relating to investment activities, if any, but does not give effectto cash pending investment or available for reserves.

• “Total Value” represents the sum of the total Realized Value and Unrealized Value of investments.

• “Unrealized Value” refers to the fair value consistent with valuations determined in accordance with GAAP, for investments not yet realized and may include pay in kind, accrued interestand dividends receivable, if any, and before the effect of certain taxes. In addition, amounts include committed and funded amounts for certain investments; and

• “Vintage Year” refers to the year in which a fund’s final capital raise occurred, or, for certain funds, the year in which a fund’s investment period commences as per its governing agreements.

34

Forward Looking Statements

In this presentation, references to “Apollo,” “we,” “us,” “our” and the “Company” refer collectively to Apollo Global Management, LLC, together with its consolidatedsubsidiaries. This presentation may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21Eof the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo’s expectations regarding the performanceof its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements are based onmanagement’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this presentation, the words “believe,” “anticipate,”“estimate,” “expect,” “intend” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflectedin these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certainrisks, uncertainties and assumptions, including risks relating to our dependence on certain key personnel, our ability to raise new private equity, credit or real assets funds,market conditions, generally, our ability to manage our growth, fund performance, changes in our regulatory environment and tax status, the variability of our revenues,net income and cash flow, our use of leverage to finance our businesses and investments by our funds and litigation risks, among others. We believe these factors includebut are not limited to those described under the section entitled “Risk Factors” in Apollo’s annual report on Form 10-K filed with the Securities and Exchange Commission(“SEC”) on March 1, 2019, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov.These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and inother filings. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments orotherwise, except as required by applicable law. This presentation does not constitute an offer of any Apollo fund.

35

Apollo Global Management, LLC Reports Second Quarter 2019...

Documents

Transcript of Apollo Global Management, LLC Reports Second Quarter 2019...